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3. Complete the following sales and inventory purchase budgets for 2018, assuming the following: • ....
9. Complete the following sales and inventory purchase budgets for 2018, assuming the following: • •...
9. Complete the following sales and inventory purchase budgets for 2018, assuming the following: • • Sales will increase by 25 percent over 2017 year. Cost of sales equals 75 percent of sales of expected sales in 2018. For 2018, ending inventory should equal 35 percent of the cost of sales for the next quarter. Expected Sales in the first quarter of 2019 will be $150,000. • BUDGETED SALES AND INVENTORY PURCHASES FOR 2018 Quarter 1 $128,000 Quarter 2 $150,000...
SarasotaCompany is preparing its master budget for 2017. Relevant data pertaining to its sales, production, and...
SarasotaCompany is preparing its master budget for 2017. Relevant data pertaining to its sales, production, and direct materials budgets are as follows. Sales. Sales for the year are expected to total 1,200,000 units. Quarterly sales are 18%, 25%, 23%, and 34%, respectively. The sales price is expected to be $38 per unit for the first three quarters and $47 per unit beginning in the fourth quarter. Sales in the first quarter of 2018 are expected to be 10% higher than...
1. Operating Budgets (50 points) Lubriderm Corporation has the following budgeted unit sales for the next...
1. Operating Budgets (50 points) Lubriderm Corporation has the following budgeted unit sales for the next six-month period: Month June July August September October November Unit Sales 90,000 120,000 210,000 150,000 180,000 120,000 There were 30,000 units of finished goods in inventory at the beginning of June. Plans are to have an inventory of finished products that equal 20% of the unit sales for the next month. Five pounds of materials are required for each unit produced. Each pound of...
1. Operating Budgets (50 points) Lubriderm Corporation has the following budgeted unit sales for the next...
1. Operating Budgets (50 points) Lubriderm Corporation has the following budgeted unit sales for the next six-month period: Month June July August September October November Unit Sales 90,000 120,000 210,000 150,000 180,000 120,000 There were 30,000 units of finished goods in inventory at the beginning of June. Plans are to have an inventory of finished products that equal 20% of the unit sales for the next month. Five pounds of materials are required for each unit produced. Each pound of...
Sweeney, Inc., sells tire rims. Its sales budget and inventory, purchases, and cost of goods sold...
Sweeney, Inc., sells tire rims. Its sales budget and inventory, purchases, and cost of goods sold budget for the nine months ended September 30, 2018, follow: (Click the icon to view the sales budget and inventory, purchases, and cost of goods sold budget.) Sweeney's selling and administrative expenses include the following: (Click the icon to view the expenses.) Prepare a selling and administrative expense budget for each of the three quarters of 2018 and totals for the nine-month period. Sweeney,...
Purchases and Cash Budgets On July 1, MTC Wholesalers had a cash balance of $262,500 and...
Purchases and Cash Budgets On July 1, MTC Wholesalers had a cash balance of $262,500 and accounts payable of $148,500. Actual sales for May and June, and budgeted sales for July, August, September, and October are: Month Actual Sales Month Budgeted Sales May $225,000 July $ 135,000 June 240,000 August 120,000 September 150,000 October 180,000 All sales are on credit with 75 percent collected during the month of sale, 20 percent collected during the next month, and 5 percent collected...
15. Anthony Thomas Candies (ATC) reported the following financial data for 2018 and 2017: 2018 2017...
15. Anthony Thomas Candies (ATC) reported the following financial data for 2018 and 2017: 2018 2017 Sales $ 324,000 $ 297,000 Sales returns and allowances 8,600 5,700 Net sales $ 315,400 $ 291,300 Cost of goods sold: Inventory, January 1 59,000 29,000 Net purchases 145,000 128,000 Goods available for sale 204,000 157,000 Inventory, December 31 66,000 59,000 Cost of goods sold 138,000 98,000 Gross profit $ 177,400 $ 193,300 The average days inventory for ATC (rounded) for 2018 is: Multiple...
XYZ Corporation is preparing a master budget for 2018. Sales for the year are expected to...
XYZ Corporation is preparing a master budget for 2018. Sales for the year are expected to total 1,000,000 units. Quarterly sales in units are 20%,25%,30%, and 25% respectively. The sales price is expected to be $50 per unit for the first 3 quarters and $55 per unit beginning in the fourth quarter. Sales in the first quarter of 2018 are expected to be 10% higher than the budgeted sales volume for the first quarter of 2017. Cash collections from sales...
Trebblehorn Industries has adopted the following sales budget for the first 3 months of 2017. Month...
Trebblehorn Industries has adopted the following sales budget for the first 3 months of 2017. Month Units January 11,000 February 15,000 March 13,000 Management requires 30% of next month sales to be in ending inventory. Each unit requires 5 pounds of raw materials costing $3 per pound. Management wants to have a raw materials inventory at the end of the month equal to 35% of next month's production requirements. April's expected sales are 12,000 with a total of 13,500 required...
HELP Johnson Corporation began 2018 with inventory of 16,000 units of its only product. The units...
HELP
Johnson Corporation began 2018 with inventory of 16,000 units of its only product. The units cost $8 each. The company uses a periodic Inventory system and the LIFO cost method. The following transactions occurred during 2018: a. Purchased 80,000 additional units at a cost of $12 per unit. Terms of the purchases were 2/10,n/30, and 100% of the purchases were paid for within the 10 day discount period. The company uses the gross method to record purchase discounts. The...
9. Complete the following sales and inventory purchase budgets for 2018, assuming the following: • • Sales will increase by 25 percent over 2017 year. Cost of sales equals 75 percent of sales of expected sales in 2018. For 2018, ending inventory should equal 35 percent of the cost of sales for the next quarter. Expected Sales in the first quarter of 2019 will be $150,000. • BUDGETED SALES AND INVENTORY PURCHASES FOR 2018 Quarter 1 $128,000 Quarter 2 $150,000...
SarasotaCompany is preparing its master budget for 2017. Relevant data pertaining to its sales, production, and direct materials budgets are as follows. Sales. Sales for the year are expected to total 1,200,000 units. Quarterly sales are 18%, 25%, 23%, and 34%, respectively. The sales price is expected to be $38 per unit for the first three quarters and $47 per unit beginning in the fourth quarter. Sales in the first quarter of 2018 are expected to be 10% higher than...
1. Operating Budgets (50 points) Lubriderm Corporation has the following budgeted unit sales for the next six-month period: Month June July August September October November Unit Sales 90,000 120,000 210,000 150,000 180,000 120,000 There were 30,000 units of finished goods in inventory at the beginning of June. Plans are to have an inventory of finished products that equal 20% of the unit sales for the next month. Five pounds of materials are required for each unit produced. Each pound of...
1. Operating Budgets (50 points) Lubriderm Corporation has the following budgeted unit sales for the next six-month period: Month June July August September October November Unit Sales 90,000 120,000 210,000 150,000 180,000 120,000 There were 30,000 units of finished goods in inventory at the beginning of June. Plans are to have an inventory of finished products that equal 20% of the unit sales for the next month. Five pounds of materials are required for each unit produced. Each pound of...
Sweeney, Inc., sells tire rims. Its sales budget and inventory, purchases, and cost of goods sold budget for the nine months ended September 30, 2018, follow: (Click the icon to view the sales budget and inventory, purchases, and cost of goods sold budget.) Sweeney's selling and administrative expenses include the following: (Click the icon to view the expenses.) Prepare a selling and administrative expense budget for each of the three quarters of 2018 and totals for the nine-month period. Sweeney,...
Trebblehorn Industries has adopted the following sales budget for the first 3 months of 2017. Month Units January 11,000 February 15,000 March 13,000 Management requires 30% of next month sales to be in ending inventory. Each unit requires 5 pounds of raw materials costing $3 per pound. Management wants to have a raw materials inventory at the end of the month equal to 35% of next month's production requirements. April's expected sales are 12,000 with a total of 13,500 required...
HELP
Johnson Corporation began 2018 with inventory of 16,000 units of its only product. The units cost $8 each. The company uses a periodic Inventory system and the LIFO cost method. The following transactions occurred during 2018: a. Purchased 80,000 additional units at a cost of $12 per unit. Terms of the purchases were 2/10,n/30, and 100% of the purchases were paid for within the 10 day discount period. The company uses the gross method to record purchase discounts. The...
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